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RAILAMERICA OFFERING DECLARED EFFECTIVE; COMMON STOCK, UNITS AND WARRANTS BEGIN TRADING ON NASDAQ

 RAILAMERICA OFFERING DECLARED EFFECTIVE;
 COMMON STOCK, UNITS AND WARRANTS BEGIN TRADING ON NASDAQ
 LAKE RIDGE, Va., Nov. 10 /PRNewswire/ -- RailAmerica, Inc. (NASDAQ: RAIL) announced that the Securities and Exchange Commission has declared effective a Form S-1 registration statement for an initial public offering of 550,000 units, priced at $7.00 per unit. Each unit consists of two shares of common stock, $.001 par value, one callable Class A warrant and one callable Class B warrant. Each Class A warrant entitles its holder to purchase one share of common stock for a period of one year at a price of $3.85 per share, and each Class B warrant entitles its holder to purchase one share of common stock for a period of four years at a price of $4.55 per share. The Class A warrants and the Class B warrants will be immediately detachable and separately transferable and will be exercisable, subject to being called, beginning Nov. 9, 1993.
 JW Charles Securities, Inc. and Corporate Securities Group, Inc. both of whom are based in Boca Raton, Fla. (980 North Federal Highway, Boca Raton, FL, 33432), and Keane Securities Co., Inc., based in New York City (50 Broadway, New York, N.Y. 10004), acted as managing underwriters for the offering. A copy of the prospectus may be obtained from any of the managing underwriters, at such addresses.
 The common stock and the units have begun trading on the NASDAQ market system under the symbols "RAIL" and "RAILU", respectively. Additionally, the Class A warrants are trading under the symbol "RAILW", and the Class B warrants under the symbol "RAILZ".
 Net proceeds to RailAmerica, Inc. from the offering are expected to total approximately $2.9 million, and will be used to repay certain indebtedness, as well as for general working capital purposes, including application toward possible acquisitions or development of its existing rail lines and equipment purchases necessary to implement intermodal transportation services.
 RailAmerica operates and develops short-line railroads formed primarily through the acquisition of branch and light density rail lines from larger railroads. RailAmerica presently operates 196 miles of track in Michigan's "Thumb" region, and provides local freight services that, through interchanges, allows its customers access to both domestic and international markets.
 -0- 11/10/92
 /CONTACT: Irwin J. Newman of RailAmerica, Inc., 407-394-3066; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for RailAmerica, Inc./
 (RAIL) CO: RailAmerica, Inc. ST: Virginia IN: TRN SU: OFR


JB-AW -- FL006 -- 9267 11/10/92 12:02 EST
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Publication:PR Newswire
Date:Nov 10, 1992
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